SARS announced on their website that they have shortened the 2018 tax season for non-provisional tax payers (individual tax payers who earn a salary and who do not have additional income sources such as interest or rental income) by 1 month to allow more time for finalist verifications and audits before year end.
In the past, non-provisional tax payers, submitting their tax returns via efiling, had until the end of November to do so. This year, the tax season for non-provisional tax payers will close on the 31st of October 2018.
The 2018 tax season for non-provisional tax payers will start on the 1st of July 2018 and end on the 31st of October 2018, for tax payers submitting their returns via e-filing. Tax payers who manually submit their tax returns will have until the 21st of September 2018 to do so.
Provisional tax payers still have until the 31st of January 2019 to submit their final tax returns for the 2018 tax year.
Late submissions of tax returns are subject to penalties and interest.
Here is a list of documents you will need to get ready for your own submission or to supply your tax practitioner with:
- Certificates of interest earned, both local and foreign.
- Certificates for retirement annuity fund contributions paid.
- Certificate of medical aid contributions paid and a schedule of expenses not covered by medical aid scheme, as well as copies of these invoices and proof of payment thereof.
- Details of dividends received, both local and foreign.
- Rental income and any other income, both local and foreign. Please also include details of expenditure incurred in the production of rental income. Please include a certificate of bond interest paid and levy statements if claiming this expenditure. SARS will not allow this expenditure without this interest paid on bond certificate.
- If you received a travel allowance or a company car or claim travel expenses against business income, details pertaining to your motor vehicle ( a comprehensive log book of all business and private mileage, vehicle purchase date, purchase price, registration number and odometer reading at the beginning and end of the tax year). We can send you an example of the format of a logbook should you require it.
- Details of any investments made or redeemed.
- Details of any fixed property purchased or sold.
- Any other information pertaining to your tax return.
- Should you receive business income, SARS will require a statement of assets and liabilities.
Need assistance with your tax return, then don’t hesitate to contact us.